LOS ANGELES—CCPT IV and G3H Investments LLC have purchased Inglewood Plaza from Howard Building LLC for a total of $27.5 million. The 101,329-square-foot shopping center sits on 6.43 acres with a Burlington Coat Factory as the anchor.

“The timing was planned as a part of our recommended business plan and strategy to the seller for the property when they purchased it,” Fred A. Sheriff, executive managing director at Charles Dunn Co., tells GlobeSt.com. “The hold period we recommended was about two years so the seller could take advantage of increases in scheduled rent, compressed CAP rates, and while loan interest rates remained favorable.” Sheriff represented the seller and buyer in the transaction along with his Charles Dunn Co. colleagues Darrell Levonian and Justin D. Mendelson. The sale received multiple offers from institutional and private investors within two weeks of the listing.

CCPT IV, a publicly traded REIT, purchased the majority of the property, three buildings totaling 96,874 square feet, for $25.1 million. “The property is a core asset class of the buyer,” Mendelson, senior director at Charles Dunn Co., tells GlobeSt.com. “They had targeted the property for quite some time and understand the intrinsic value of owning an infill anchored shopping center in the Los Angeles basin.” G3H Investments purchased the fourth 4,445-square-foot building for $2.4 million.

Located at 3100-3180 Imperial Hwy. in Inglewood, CA, the property is fully occupied with a tenant mix that includes T mobile and CVS Pharmacy. “It is interesting to note that the CVS Pharmacy store and the Burlington Coat Factory store were each the top performers in the region within their respective companies,” says Mendelson. “That shows the strength of the Inglewood market in that area.  Additionally, the plans for redevelopment of Hollywood Park further illustrate the potential for the area, the surrounding community, and the subject property.” The site to which Mendelson refers is a 238-acre redevelopment site that will include a hotel, casino, offices, multifamily and retail. Additionally, an 18-acre site also traded hands recently in Inglewood for $22 million. There, Shopoff Land Fund II plans to build a shopping center.